国际贸易英语期末复习题.docx
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国际贸易英语期末复习题.docx
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国际贸易英语期末复习题
Chapter1InternationalEconomicsisDifferent
MultipleChoiceQuestions
1.Sovereignnations:
a.AresubjecttolawspassedbytheUnitedNations.
b.Mustbeconcernedwiththeinterestsofforeignerswhendevelopingeconomicpolicy.
c.Oftenignoretheinterestsofforeigners.
d.MustcoordinatetheirmonetarypolicywiththeWorldBank.
ANSWER:
C
2.Outsourcingofservicestoforeigncountries:
a.CosttheU.S.economyanestimated5millionjobsby2005.
b.Mainlyimpactsworkersinbusinessservicessuchasdataentryandsoftwaredevelopment.
c.Isaseriousconcernforworkersinhigh-wagemanufacturingindustries.
d.WillhaveaseriousnegativeimpactonallservicesectorjobsintheUnitedStates.
ANSWER:
B
3.Globalization:
a.Istheprocessofintensifyingtheconnectionsbetweennationaleconomiesthroughinternationaltrade,foreigndirectinvestmentsbymultinationalfirms,andinternationalfinancialinvestments.
b.Hasbeenproventoworsenworkingconditionsandincreasepovertyinpoorcountries.
c.Requiresgovernmentstoweakenlaborandenvironmentalregulationsinordertoremaincompetitive.
d.IscoordinatedbytheInternationalLaborOrganizationtoensurerespectforthefourcorelaborstandards.
ANSWER:
A
4.Thelong-runsolutiontoeliminatingchildlaboristo:
a.Boycottcompanieswhoseproductsareproducedusingchildlabor.
b.Imposetradesanctionsagainstcountriesthatviolatechildlaborstandards.
c.Stimulateeconomicgrowthandrisingincomesinpoorcountries.
d.Thereisnolong-runsolutionasdemandforcheaplaborwillalwaysexist.
ANSWER:
C
5.Inearly2002,thenationalmoneysof12Europeancountriesdisappeared.Theywerereplacedbyonenewmoney,theeuro.ThebenefitstothosecountriesincludedallofthefollowingEXCEPT:
a.Itisconvenient–thereisnoneedtochangemoneywhencrossingnationalborders.
b.Itislessrisky–thereisnoneedtoworryaboutthechangingvalueofonecountry’smoneyrelativetoanothercountry’smoney.
c.Itiseconomical–travelandtradearemadeeasierduetoadecreaseintransactioncosts.
d.Itstrengthensdomesticpolicy–usinganinternationalmoneygivesacountry’sCentralBankagreaterabilitytoinfluencenationalprices,production,andjobs.
ANSWER:
D
6.TheChinesegovernment’sinterventionintheforeignexchangemarket-buyingU.S.dollarsandsellingyuan–hadtheeffectof:
a.WeakeningtheU.SdollarandincreasingtheU.S.tradedeficitwithChina.
b.StrengtheningtheU.SdollarandincreasingtheU.S.tradedeficitwithChina.
c.StrengtheningtheyuanandincreasingtheU.S.tradedeficitwithChina.
d.StrengtheningtheyuananddecreasingtheU.S.tradedeficitwithChina.
ANSWER:
B
7.OnJuly21st,2005,theChinesegovernmentchangedthevalueoftheyuanfrom8.28yuanperU.S.dollarto8.11yuanperU.S.dollar.Thisimpliesa__________dollaranda__________yuan.
a.Weaker;weaker
b.Weaker;stronger
c.Stronger;stronger
d.Stronger;weaker
ANSWER:
B
8.Sincetheearly2000s,avarietyofserviceshasbeensubjecttooutsourcingintheUnitedStatesEXCEPTfor:
a.Dataentry.
b.Telephonecallcenters.
c.Softwaredevelopment.
d.Haircuts.
ANSWER:
D
9.Sincethelatenineties,tokeeptheexchangerateoftheyuantotheU.S.dollarfixed,theChinesegovernment:
a.HasbeentryingtoholdpredominantlyeurosandBritishpoundsasforeignassets.
b.HasbeenbuyingdollarsandsellingYuan.
c.Hasbeentryingnottosellitsdomesticcurrency(Yuan).
d.HasbeenkeepingatradedeficitwithmanycountriesincludingAustralia,Russia,Japan,andBrazil.
ANSWER:
B
10.Theexchangeratepolicyofa“crawlingpeg”adoptedbytheChinesegovernmentsince2005meansthatthegovernment:
a.Allowedsmalldailychangeswhichovertimeresultedinaslow,tightlycontrolledtrend.
b.VehementlydefendedtheyuanbysellingU.S.dollars.
c.Heldabalancedportfolioofassetsincludingavarietyofforeigncurrencies.
d.TriedtounwindthetradesurpluswiththeU.S.
ANSWER:
A
11.Outsourcingistheprocessof:
a.Shiftingbusinessactivitiesabroad.
b.Allowingforeignworkersontemporaryvisas.
c.Eliminatingbusinessactivitiesthatrequireforeignlabor.
d.Payingforeignworkerslowerwagescomparedtodomesticworkers.
ANSWER:
A
12.Inrecentyears,theEuropeanUnion:
a.AttemptedageographicexpansiontoincludeTurkey.
b.Adoptedaformalconstitutioninwhichwasdecidedthatallcountriesshouldpaytheirdebtintheirowncurrencies.
c.Madeprogressontheformationofamonetaryunion,andonanexpansionoftheEuropeanUnion,butcouldnotadoptaformalconstitutionduetothenegativevoteofFrancein2005.
d.Madesignificantprogressontheformationofamonetaryunion,aformalconstitution,andonacceptingsomeeasternEuropeancountriesasmembers.
ANSWER:
C
True/FalseQuestions
13.Childlaborvirtuallyvanishesinadevelopingeconomywhenincomepercapitareachesabout$8,400.
ANSWER:
TRUE
14.Ithasbeenestimatedthatworldwideapproximately100millionchildrenundertheageof15workfull-timeandatleastthatnumberworkpart-time.
ANSWER:
TRUE
15.WhileBritain,Denmark,andSwedendonotusetheeuro,theEuropeanCentralBankmakesmonetarypolicyfortheentireEU.
ANSWER:
FALSE
16.WhiletherearemanycountriesinterestedinjoiningtheEU,itisunlikelythattheEUwillbeenlargedbecausethereseemslittledesireonthepartofmembercountriestohavealargerunion.
ANSWER:
FALSE
17.TheWorldTradeOrganization,theInternationalMonetaryFund,theUnitedNations,andtheWorldBankcontroltheinternationaleconomybyimposingbindingrulesthatcontrolinternationaltradeandexchangemarkets.
ANSWER:
FALSE
18.ThefourcorelaborstandardsagreeduponintheInternationalLaborOrganizationwerethatallcountriesshould:
respectcollectivebargaining,banforcedlabor,banchildlabor,andbandiscriminationintheworkplace.
ANSWER:
TRUE
19.Labormaybeinternationallymobile,butcapitalandlanddonotmigratefromonecountrytoanother.
ANSWER:
FALSE
20.Politiciansdonoterectbarrierstotradewithothercountriesbecausetheyarealsoconcernedwiththewell-beingofforeigners.
ANSWER:
FALSE
21.Firmsarealwaystryingtolowerthecoststheyincurintheirproductionactivities,andthatisthemainreasonforthemtoshiftjobsabroad.
ANSWER:
TRUE
22.IndiaandChinaareamongthemainprovidersofoutsourcingservices.
ANSWER:
TRUE
23.TurkeyisscheduledtojointheEuropeanUnionin2009.
ANSWER:
FALSE
24.EachcountryhastoabidebythedecisionsoftheInternationalMonetaryFundandtheWorldBankbecausetheyaretheonlyrecognizedinternationalorganizationswhomanagetheglobaleconomy.
ANSWER:
FALSE
EssayQuestions
25.OneofthebasicrequirementsforacountrytojointheEuropeanUnionisthecapacityandwillingnesstoadoptandtoimplementEUrulesandstandards.Whywouldacountryagreetomakechangestoitsnationallawsandregulationstoconformtooutsiderequirements?
POSSIBLERESPONSE:
ItistruethatbeingamemberoftheEuropeanUnioncomesatacost:
everymemberhasinsomerespecttocedenationalsovereigntyandtoabidebythelawsandregulationsoftheEuropeanUnion.However,forthesecountriestherearebenefitstobeingmembersofthisUnionthatsignificantlyexceedthiscost.
First,theserulesandregulationsarenotimposedbyathirdparty,butdesignedbythemembersoftheUnionthemselves.So,eachcountryhastheopportunity,toagreaterorlesserextent,totakepartinthedesignoftheselawsandregulations.
Second,givingupnationalsovereigntymightbepopularincountrieswherenationalpolicieshavebeendisastrous.Thisisparticularlytrueforcountrieswhichdidnothaveawellcontrolledmonetarypolicyandoversuppliedtheirowncurrenciesuntilinflationmadethesenationalcurrenciesnearlyworthless.ThesecountriesmightindeedbegainingbycedingtheirmonetarysovereigntytotheEuropeanCentralBank.
Finally,eventhougheachmemberissubjectedtothesamerulesandregulations,eachcountryisgainingbecauseallothermembersabidebythoselawsandpolicies.Probablymostimportantly,thisensuresafreetradeamongmembers,andfreemovementoffactorsofproduction(laborandcapital).ThisopennessgivesachanceforagreatereconomicprosperityforallmembersoftheUnion.
26.,,Discusstheeconomicconsequencesofoutsourcingoroffshoringofservices,andexplainwhoisgainingandwhoislosingfromtheprocessofoutsourcing.Whyisoutsourcingsuchadebatableissue?
POSSIBLERESPONSE:
Outsourcingistheprocessofshiftingeconomicactivitiesabroad.Thisprocessistriggeredbythedesireoffirmstolowerthecostoflaborintheproductionprocess.Overall,itisbelievedthatoutsourcing,similarlytointernationaltrade,promotesglobaleconomicefficiency.Ithelpsfirmslowertheircostofproduction,andallowsthemtobringgoodstothefinalconsumeratlowerprices.Themainfearfromoutsourcingcomesfromworkersinoccupationsthataresubjecttooutsourcing:
callcenters,dataentry,andsoftwaredevelopment.
Chapter3WhyEverybodyTrades:
ComparativeAdvantage
MultipleChoiceQuestions
1Basedonmercantilistthinking,governmentsshould:
Subsidizeandencourageimports.
1Subsidizeandencourageexports.
1Allowforfreetradeunencumberedbygovernmentregulationsandrestrictions.
1Both(a)and(b).
ANSWER:
B
1TheauthoroftheWealthofNationswas:
DavidRicardo.
1PaulSamuelson.
1AdamSmith.
1KarlMarx.
ANSWER:
C
1WhenAdamSmithpresentedhistheoryofabsoluteadvantage,hethoughtthatallvaluewasmeasuredintermsoftheamountof__________usedintheproductio
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